Building a Successful Fashion Brand and Business in Nigeria

#business #fashion #fashionbrand #style #fashionbusiness #nigeria

The fashion industry is really big with so much potentials. According to Fashion United, the global apparel market is valued at three trillion dollars ($3, 000, 000, 000, 000). This accounts for 2% of the world’s Gross Domestic Product (GDP). The fashion industry includes many sub-industries, broken down below to show:

The women’s wear industry is valued at 621 billion Dollars
The menswear industry is valued at 402 billion Dollars
The retail value of the luxury goods market is 339.4 billion Dollars
Children’s wear had a global retail value of 186 billion Dollars
Sports footwear is valued at 90.4 billion Dollars
The bridal wear industry is valued at 57 billion dollars
Fashion Designers Association of Nigeria (FADAN) estimates the nation’s fashion industry to be worth about 10 billion USD (about N1.55 trillion) in 2014. NAN reports that the Textile, Garment and Footwear sub-sector currently accounts for about 0.47% ($380 billion) of Nigeria’s rebased Gross Domestic Product. But according to a recent PricewaterhouseCoopers (PwC) report, Nigeria’s fashion industry is expected to grow from the $4 billion USD high it was in 2014 to $8.1 billion in 2019, at a compound annual growth rate (CAGR) of 15.1%.

Management Frameworks for a Sustainable Fashion Organisation

The following are the major areas that must be developed for growth and sustainability:

Corporate profiling that clearly defines the Vision, Mission, Core Values and Brand Essence of the firm. The individuals, group and organisation as a whole must be on-boarded, trained and orchestrated to reflect this. All of this must translate into the corporate culture.
Development of a Business Plan that is constantly updated with practicability to reflect the organisation as a going concern.
Development of Standard Operating Procedures, embedded in an operations plan.
Automation of its core processes through an ERP software, backed by a strong surveillance and audit mechanism.
Organogram and Organizational Structure
Compliance and Control
Compilation, Review and Update of Vendors
Brand Promises (what the brand promises all its stakeholders –Employees, Customers, Shareholders, Host Communities), documented and followed through via a Brand Manual and its Marketing Plan
Job Description and Employee Manuals
Document and Process Review Flowchart and a Change Management Framework
A good workforce powered by the right Staffing/Recruitment/Training/Remuneration/Sticks and Carrots
Deep On-Boarding Process
Training on Specific Knowledge Areas and a culture for Open Sourced Knowledge Sharing
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